理财产品业绩报酬调整规则：投资者看不懂 难说不

Core Viewpoint - The adjustment of the excess performance fee extraction rules by Nanyin Wealth Management has raised concerns among investors regarding the fairness and transparency of such changes, as they make it easier for managers to achieve performance benchmarks and earn additional fees [1][2][3]. Group 1: Adjustments to Performance Fee Rules - Nanyin Wealth Management's product "Nanyin Wealth Management Zhu Lian Bi He An Wen 1910 One-Year Open-End Wealth Management Product" has recently adjusted its performance fee extraction rules, lowering the performance fee benchmark from an annualized return of 3.3% to a range of 2.525% to 2.775% [2][3]. - The previous performance fee extraction rule allowed managers to charge 60% of the returns exceeding 3.3%, while the new rule significantly reduces the threshold for managers to earn excess performance fees [2][3]. - This product has undergone multiple adjustments to its performance fee extraction rules, with the most recent change occurring after November 2024, when it initially did not charge excess performance fees [3]. Group 2: Industry Practices and Concerns - Many wealth management products have similar excess performance fee extraction rules, with varying benchmarks and extraction ratios, often hidden in lengthy product announcements, complicating investor understanding [1][4]. - The common practice in the industry is to set performance fee benchmarks based on performance comparison benchmarks, with extraction ratios typically ranging from 10% to 40%, with 20% being the most common [5]. - There is a growing concern among investors regarding the fairness of one-sided incentives for managers, as they benefit from excess performance fees when returns exceed benchmarks but do not face corresponding reductions in fees when performance is below benchmarks [5][6]. Group 3: Information Disclosure and Transparency - Information disclosure regarding changes to performance fee extraction rules is often inadequate, with adjustments not prominently highlighted, making it difficult for average investors to understand the implications [8][9]. - Experts suggest that the wealth management industry should enhance the convenience of information disclosure, including establishing a tiered disclosure mechanism for significant changes, such as fee adjustments [8][9]. - Recommendations include using clear indicators for key information changes, prominently displaying fee adjustments, and providing examples of how these changes affect investor returns [8][9].